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Court Approves Hudson’s Bay Plan to Auction Its Royal Charter; $18M Bid Expected
The auction aims to raise funds for Hudson's Bay Company creditors and requires the buyer to donate the historic document to Canadian public institutions.
- On Friday, Ontario Superior Court Justice Peter Osborne approved a court-supervised sale of the 1670 royal charter starting with an $18 million opening bid and a live auction on Dec. 3 at Stikeman Elliott .
- Facing more than $1.1 billion in debt after creditor protection on March 7, Hudson's Bay Company is selling the charter to help chip away at its debt.
- The Thomsons and the Westons pledged $5 million for preservation and tours, with Wittington Investments Ltd. offering $12.5 million in July.
- Interested buyers must signal interest by Nov. 28 and agree to donate the charter to a Canadian public institution, while Manitoba will be designated its home for the first public exhibition.
- The 1670 charter, more than 350 years old, historically granted HBC vast territory control, prompting government officials and Indigenous leaders to raise concerns since April about preserving access and oversight.
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Court Approves Hudson’s Bay Plan to Auction Its Royal Charter; $18M Bid Expected
The royal charter that created Hudson’s Bay in 1670 is on its way to the auction block. Ontario Superior Court judge Peter Osborne on Friday approved a process that will see the document owned by the defunct retailer sold early next month. The auction will kick off with an $18-million bid from holding companies belonging to two of Canada’s richest families, the Westons and Thomsons. “We are all interested to see what transpires by way of this,” …
·New York, United States
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Court approves Hudson's Bay plan to auction its royal charter; $18M bid expected
TORONTO — The royal charter that created Hudson’s Bay in 1670 is on its way to the auction block. Ontario Superior Court judge Peter Osborne on Friday approved a process that will see the document owned by the defunct retailer sold early next month.
Coverage Details
Total News Sources12
Leaning Left3Leaning Right1Center3Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
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